Trump Largely Agrees With Vance That Iran War Drove GOP Losses

Midterm Questions Linger Over Senate Margins, Key Races and Billionaire Tax

Johnson Steps Aside as Schumer Faces Leadership Dissent

Stocks Surge as Investors Bet on Gridlock and Iran Talks

Trump Says Israel Aid Will End, Leaving Funding Questions

Trump Largely Agrees With Vance That Iran War Drove GOP Losses

Vice President JD Vance blamed voter anger over the Iran war for Republicans’ loss of both chambers of Congress in a Nov. 4 post, also citing living costs, the “America First” agenda and ties with Israel. President Donald Trump called that assessment “largely true” but defended starting the war and predicted fuel prices would fall when it ends. Trump congratulated Democrats and offered to work with them, while telling Fox News they “did a good job,” faulting Republican candidates and rejecting the result as a personal rebuke. He posted an image of a “VETO” cap on Truth Social but told Politico he would consider an immigration deal, outlining competing approaches to two years of divided government. The White House’s official account added, “PSA: TRUMP IS STILL YOUR PRESIDENT.” Vance has also urged a negotiated settlement with Iran as Qatar promotes a framework linking an end to Iranian attacks on Strait of Hormuz shipping to lifting the U.S. blockade of Iranian ports, Gulf News reported, citing Axios.

ABC News / Jerusalem Post / Forbes / CBS News / Axios / Daily Wire / AFP / Gulf News

Midterm Questions Linger Over Senate Margins, Key Races and Billionaire Tax

California’s Proposition 40, a proposed one-time 5% tax on billionaires, appeared headed for defeat in partial returns, while Proposition 42’s competing wealth-tax ban led and Proposition 41’s tax restrictions trailed, CalMatters reported. Nevada and Virginia approved abortion protections, Missouri rejected an effort to restore a ban, and Idaho rejected expanded access, leaving its near-total ban intact. Voters approved citizen-only voting amendments in Alaska, Arkansas, Kansas, South Dakota and West Virginia, photo-ID provisions in Nevada, North Carolina and Ohio, and restoration of voting rights after prison in Virginia.

Democrat Scott Colom led Republican Cindy Hyde-Smith by 1,138 votes in Mississippi and Democrat Mary Peltola led Republican Dan Sullivan by 637 in Alaska on Thursday morning, leaving Democrats’ Senate margin unsettled after Republican Pete Ricketts won Nebraska; Alaska’s potential Nov. 18 ranked-choice count could favor Sullivan, according to an Alaska Beacon analysis. Kansas Democrat Cindy Holscher led Republican Ty Masterson by 7,045 votes Wednesday night in an uncalled governor’s race subject to a hand audit of 10% of precincts in each county, with Democrats’ hold on the governor’s veto at stake and eligible mail ballots still arriving through Friday. Maine’s 2nd District also remained uncalled despite Republican Paul LePage’s victory declaration, with Democrat Matt Dunlap withholding a concession and a ranked-choice count or recount still possible.

CalMatters / Stateline / NBC News / ABC News / Alaska Beacon / Nebraska Examiner / Kansas Reflector / Kansas Secretary of State / DDHQ / Maine Morning Star

Johnson Steps Aside as Schumer Faces Leadership Dissent

House Speaker Mike Johnson told staff Nov. 4 that he would not seek to lead Republicans in the next Congress, opening a leadership contest after Democrats won the House. Judiciary Committee Chairman Jim Jordan announced his candidacy, while Majority Leader Steve Scalise was preparing a bid for the minority leader’s job. House Republicans plan to vote Nov. 10, with candidates required to declare by Nov. 6, and Johnson remains speaker until the new Congress convenes Jan. 3. Senate Democratic Leader Chuck Schumer said he expected to become majority leader again despite opposition from several newly elected Democrats, including Kansas Sen.-elect Adam Hamilton. Schumer needs a majority of a caucus projected to hold 54 to 56 seats in a secret-ballot election expected in early December, and no challenger had announced a bid. The leadership votes will determine who directs House Republicans in the minority and who controls the Senate floor agenda as Congress negotiates with Trump over spending and nominations.

Axios / Roll Call / The Hill

Stocks Surge as Investors Bet on Gridlock and Iran Talks

The Dow Jones Industrial Average rose 1,569.40 points, or 3.03%, to 53,356.12 on Nov. 4, its biggest gain of the year, while the S&P 500 gained 1.6% and the Nasdaq rose about 1.4%. U.S. crude fell more than 8%, and Brent dropped below $100 a barrel as traders anticipated renewed efforts to end the Iran war. Analysts attributed the stock rally partly to reduced election uncertainty and expectations that divided government would limit major policy changes. Microsoft gained 6.7% and Amazon rose 6.1%, while Trump Media & Technology Group fell nearly 25%, Reuters reported. A sustained oil-price decline could ease gasoline costs and inflation, but the diplomatic outlook remained uncertain, with an Iranian official telling Reuters that the sides were still far apart on an agreement.

Reuters / CBS News / CNBC / NBC News

Trump Says Israel Aid Will End, Leaving Funding Questions

President Donald Trump said Nov. 3 that roughly $4 billion in annual U.S. military aid to Israel would end this year, telling Fox News that Israel no longer needed the assistance and could continue buying American weapons. He said Israeli Prime Minister Benjamin Netanyahu had agreed to the change months earlier, but Netanyahu’s office declined to comment. Netanyahu had previously discussed phasing out the aid over roughly a decade, rather than ending it immediately. The existing agreement, signed in 2016, provides for $3.8 billion annually through September 2028, leaving questions about how Trump’s proposed cutoff would affect funding Congress has approved. Israeli opposition leaders Yair Golan and Gadi Eisenkot criticized Netanyahu and demanded answers about the announcement. Ending the assistance would change how Israel finances its defense and could reduce Washington’s influence over Israeli military decisions, but Trump’s remarks did not establish how the cutoff would be implemented.

Times of Israel / ABC News / CBC News / TRT World

NOVEMBER 5, 1733: FIRST ISSUE OF THE NEW YORK WEEKLY JOURNAL PUBLISHED

Printer and journalist John Peter Zenger releases the first issue of the New York Weekly Journal in New York City. His later acquittal on libel charges for criticizing the colonial governor becomes a landmark victory for press freedom in the English colonies.

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Sources

1. ABC News / Jerusalem Post / Forbes / CBS News / Axios / Daily Wire / AFP (Korea Times) / Gulf News
2. CalMatters / Stateline / NBC News / ABC News / Alaska Beacon / Nebraska Examiner / Kansas Reflector / Kansas Secretary of State / DDHQ / Maine Morning Star (News From the States)
3. Axios / Roll Call / The Hill
4. Reuters (Yahoo Finance) / CBS News / CNBC / NBC News / Reuters (Business Recorder)
5. Times of Israel / ABC News / CBC News / TRT World